Access Over Ownership And The On Demand Generation’s Consumption Habits

memeThe Netflix model of having access to items rather than owning them has been applied to dozens of industries, and Millennials are among the biggest adopters of this ever-growing trend. They don’t care as much about owning everything — whether it’s music, TV shows, or luxury dresses — as long as they can obtain these things when they need them. This mindset is what changed the music industry — YouTube is now the top way in which teens listen to music — and this attitude is influencing marketers who want to tap into Millennials’ purchasing, or rather renting, habits.

Rent the Runway isn’t new, but many female Millennials are continuously turning to it when they need a dress for a special occasion. Whether it’s prom, a school formal, their birthday, or graduation, teens and twentysomethings know that this method allows them to wear their dream dress at a more affordable price. This is valuable in that special occasion dresses aren’t worn often, and they can be pricey for something that then collects dust in their closet. However, if they rent a dress, solely for the situation in which they need it, the “runway” dress becomes more attainable. This also reflects a concept in the age of social media where every outfit is photographed and shared across one’s network. Many Millennials worry about their same clothes constantly being captured on Facebook and Instagram, but renting provides a solution in the form of a temporary expanded wardrobe.

Renting apparel also taps into showrooming, another shopping trend we’re seeing in that Millennials are visiting physical stores to scope out the selection, but not buying items in-person. Rather, they’re treating stores as if they were showrooms, and then going online or comparing prices before making purchases. Rent the Runway for example coincides…

 
 
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Millennial News Feed

Quote of the Day: “I haven’t had children yet because I'm still working on getting my life in order.” –Female, 26, CA

Why did Apple face a backlash for gifting U2's new album to 500 million users? It seems that the marketing play went awry in part because those users found it “creepy” that Apple was able to invade and alter their music collection without their permission. Many of them got vocally upset, and Apple has released a free tool to allow people to delete the free album. The incident has shown that consumers are not comfortable with their technology being manipulated without their knowledge and approval, even if it means they’re getting a ”gift.” (PR Newser)

Though Millennials might not be buying houses en masse at the moment, they do want to own one in the future, and the use of real estate apps and sites is actually on the rise among 25-34-year-olds. As these consumers continue to move towards becoming home owners, they will “shape the future of the housing and mortgage industries.” Millennials will be looking for plenty of amenities, want to be close to the things they need, and desire smaller spaces that are more efficient and perhaps less formal than homes of the past. (Marketwatch)

Viral video watch: YouTube user Kutiman’s mashup of 23 separate, and unrelated, music videos into one song called “Give It Up” has earned over a million views in the last five days. The videos used include a six-year-old practicing piano, a drum tutorial, and plenty of individuals just playing their instruments alone for the camera, all combined to become the background track to Kutiman's vocals. The creative combination clearly appeals to Millennials’ hybrid music tastes. (Daily Dot)

Toms is arguably the most successful brand to tap into young consumers’ desire to save the world on the side, and incorporate social good into their purchases. Now Toms is partnering with Target for a new collection that, of course, has a charitable twist. Toms for Target will include clothes, shoes, and home goods for under $50—and for each purchase, Target will donate supplies like meals and blankets to a variety of charities. The collection will be in stores starting November 16th—just in time for holiday shopping season. (Fast Company)

If you haven’t heard of Destiny yet, it’s time to catch up: it is the most expensive video game ever made, and also the most pre-ordered in history. From the creators of Halo, the post-apocalyptic, visually stunning game was highly anticipated; its beta test this summer was downloaded by more than 4.6 million and the gameplay trailer was viewed more than 6 million times in only a few weeks. Destiny was released just last week and is expected to be an enormous hit—and potentially the next big franchise in gaming. (Washington Post)

Twice a month, we provide our Gold subscribers with a topline report that synthesizes hand-picked, illuminating data points and our insights and expertise. Interesting differences between males and females, older and younger Millennials, ethnicities, and more are highlighted, and relevant statistics are streamlined into an easily consumed, concise, visual takeaway. (Ypulse)

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